
Page|10 IntroductiontoEntrepreneurship
Thestatementsintheactivitylist
areveryclosetoeach
other.Entrepreneurrepresentsthe
person,whileentrepreneurship
representstheprocesstosetupand
runabusiness.Youaretherefore
correctifyouhavegrouped
numbers(ii)‐(iv)and(vii)withthe
conceptofentrepreneurshipand
therestofthenumberswiththe
conceptofentrepreneur.
Entrepreneurshipisadifficulttask,
asamajorityofnewbusinessesfail.
Itisthereforeimportantthatthe
entrepreneurfollowthestepsinthe
entrepreneurialprocesswhichwe
willdiscussnext.
T
HE
E
NTREPRENEURIAL
P
ROCESS
TheEntrepreneurialProcess
includesthesystematicsteps
requiredtocreateandimplementa
newbusinessventure.Thisincludes
allthefunctions,activities,and
actionsassociatedwithperceiving
opportunitiesandcreating
organizationstopursuethem.
Entrepreneursoftendiscoverthis
processthroughtrialanderror,but
youcanshortenyourlearningcurve
bybenefittingfromtheexperiences
ofothers.
(Source:
http://www.mvp.cfee.org/en/abatt
entwhatiseentprocess.html)
(Source:
http://www.mvp.cfee.org/en/abatt
entwhatiseentprocess.html)
1. SELFDISCOVERY
Learningwhatyouaredoing;examiningyourstrengthsand
weaknesses.Examiningworkexperienceandrelatingitto
potentialopportunities.
2. IDENTIFYINGOPPORTUNITIES
Lookingforneeds,wants,problemsandchallengesthatarenot
yetbeingmetordealtwitheffectively
3.GENERATINGANDEVALUATINGIDEAS
Usingcreativityandpastexperiencetodevisenewand
innovativewaystosolveaproblem,ormeetaneedandthen
narrowingthefieldtoonebestidea.
4. PLANNING
Researchingandidentifyingresourcesneededtoturntheidea
intoaviableventure.Preparingtheresearchintheformofa
writtenbusinessplan.Preparingmarketingstrategies.
5.RAISINGSTART‐UPCAPITAL
Usingthebusinessplantoattractinvestors,venturecapitalists
partner.Thisstagecaninvolveproducingprototypesortest‐
marketingservices
6. START‐UP
Launchingtheventure,developingacustomerbaseand
adjustingmarketingandoperationalplansasrequired
8.HARVEST:
Sellingthebusinessandharvestingtherewards.Formany
entrepreneurs,thisalsomeansmovingontonewventures
andnewchallen
es.
7.GROWTH
Growingthebusiness:developingandfollowingstrategic
plans,adaptingtonewcircumstances